The federal member for Braddon is hosing down expectations of an announcement about federal funding for the West Coast Wilderness Railway.
The Federal Group plans to close the tourist attraction at the end of April.
Sid Sidebottom is joining local, state and federal government representatives and tourism groups in a phone conference.
Speculation has been building over whether the Federal Government would fund nearly $6 million of track repairs to attract a new operator.
The Tourism Industry Council's Luke Martin says the State and Federal Governments need to commit to funding immediately, before key staff leave.
"The Federal and State Governments have had the solution now for well over a week and I think today's just about giving them a chance to present where they are and any issues they've got with the solution because the reality is there's no plan B," Mr Martin said.
But Mr Sidebottom says decisions of this magnitude need to be properly assessed.
"It requires urgent upgrading of the track," he said.
"Now to attract an operator, of course, is contingent on that decision for the upgrading of the track.
"These are the issues we need to look at. Unfortunately it can't happen tomorrow, it can't just happen like that."
The State Government said last week there had been informal talks with potential new operators.